BP Plc

Oil futures continued trading near two-week highs after a surge triggered by escalating ship attacks in the Red Sea, prompting major shipping companies to divert routes and heightening concerns over global oil supply.

Eastern European countries dependent on Russian gas are scrambling for alternatives after President Vladimir Putin blindsided them with a decision to scrap a pipeline bypassing Ukraine.

Greece can become a natural gas price hub for southeast Europe within three to four years as supply projects come together in the Mediterranean nation, according to Depa SA.

Oil traders have the greatest incentive in four years to store crude at sea and sell it as prices rise, prompting speculation about a revival in the trade once used by companies including BP Plc and Citigroup Inc.

Brent for September traded at $107.60 a barrel at 2.42 p.m. on Wednesday, $1.16 more than the same grade for August, according to the ICE Futures Europe exchange.